US Banks pay $8.5bn to settle home foreclosure disputes.
Dear friends and conscious human beings. We are very close to achieving the same effect here in South Africa. Through the work of Scott Cundill and NewERA, the UBUNTU Liberation Movement, and various other individuals who have dedicated their lives to expose the fraudulent activity of the banksters, and through the continued brilliant legal contribution of Raymondt Dicks, we are very close to forcing the banks to change their unlawful and fraudulent ways, and to pay up to the people they have stolen from over many years.
From standing up in court and defending ourselves with no legal help at all, in one year, our membership is now over 160,000 people and our legal team has grown to include an illustrious list of highly experienced lawyers, senior advocates and even state prosecutors – working to finally expose the banksters.
I personally believe that we took the ascendancy against the all-powerful banksters in the Supreme Court of Johannesburg on the 21st December 2012. It is truly amazing that our legal action was brought in front of the Judge on this historic day. The action was an URGENT interdict against all the banks in South Africa and their SPV partners (Special Purpose Vehicle) to stop all repossessions and executions of homes and vehicles because of non payment by the borrowers.
The court was packed like a sardine can with supporters and also for the first time, all the major media from TV, radio and press, were represented. In over two years of our legal action against the banksters, this was not achieved. In the past the ignorant media have simply been dismissing our action as “an attempt to wangle our way out of debt”. This is now behind us and the mainstream media has realised that we are protecting their individual rights as well, while exposing a sinister plot to drive all the people into an irreversible spiral of debt.
Our legal team was squeezed up against the side of the court. Out of about 65 of the highest paid lawyers money can buy, representing all the banks, they were unable to come up with any substantial arguments against the 500 page document served on them by New ERA on behalf of their 160,000 members and every other South African alive today – whether they know it or not.
The banks’ lawyers managed to string together THREE lousy attempts to counter the serious charges in our document. These were dismissed with disgust by the Judge, who for the very first time in our collective 2-year legal action, realised the seriousness of the legal action. The matter was not granted urgency but simply postponed. The Judge stated that it was curious that such a matter would fall on date of the end of the Mayan Calendar. This was clearly an informed Judge who also stated that based on his quick review of the document, this was a serious matter that leaves the banks with much to answer for. We hope to be back in court on the 28th Jan 2013 to take this mater to its conclusion.
It is possible that our many combined legal actions against the banks in SA could cause radical changes in South African banking sectors, and possibly even close down the banks that do not want to change their unlawful ways. We are involved in 13 major legal cases during January and February 2013 against all the banks in SA and we believe that this will be the final few steps before they finally submit and follow the lead of the US banks.
For those who still do not understand why the banks’ actions are unlawful and fraudulent, I urge you to read what you can on the UBUNTU website www.ubuntuparty.org.za and www.newera.org.za and also see THRIVE, the movie on www.thrivemovement.com. All will become very clear to you soon. Also look at the 10 Questions to ask your bank and SEND these to your bank today. Please share this information with everyone you know and let us make this a landslide victory for the people of South Africa against the most powerful organised crime syndicate the world has ever known – the private banking syndicate of the world.
In pure truth – Michael of the family Tellinger.
Below is the first section of the BBC Article from 7 Jan 2013. To read the full article please slick on the link below.
Ten of the biggest banks have agreed to pay $8.5bn (£5.2bn) to settle a review of home foreclosures by US regulators.Banks and mortgage lenders including Bank of America, Citigroup and JP Morgan Chase will pay $3.3bn directly to eligible homeowners, regulators said.
The lenders will also pay $5.2bn to modify and forgive loans.
The investigation began in 2011, and looked into whether borrowers had unlawfully had their homes repossessed. The regulators were the Office of the Comptroller of the Currency (OCC), which is an independent bureau of the Department of the Treasury, and the US central bank, the Federal Reserve.
The US mortgage market boomed in the middle of the last decade. Banks made huge profits by buying home loans and repackaging them as complex products.
The housing bubble collapsed in 2008, making many of the homes worthless and causing the loans and their derivatives to become toxic. Many people lost their homes and all the major banks had to be bailed out.
The OCC said that more than 3.8 million borrowers, whose homes were subject to foreclosure proceedings in 2009 and 2010, would receive cash compensation "ranging from hundreds of dollars up to $125,000, depending on the type of possible servicer error".